GSK is set on savings plan

Drugs giant GlaxoSmithKline has set a target of saving £400million a year by 2021.

The industry heavyweight has earmarked suppliers and administrative costs.

Boss Emma Walmsley, below, said the money would be pumped into developing new products instead.

The announcement came as GSK announced quarterly results, with sales flat at £7.3billion, but a profit of £614m – up from a £178m loss a year earlier.